Olympus Corporation Announces Plans To Discontinue Operations For Its
Biotechnology Division In The U.S.
HOPKINTON, Mass., Feb. 28, 2014
HOPKINTON, Mass., Feb. 28, 2014 /PRNewswire/ -- Olympus Corporation announced
today that it plans to discontinue operations for its U.S. biotechnology
division, Olympus Biotech.
The company expects the entire closure process to take some time to complete
and it will start with the Hopkinton, MA facility. Commercial operations and
product availability will end May 30, 2014 in the United States and Canada.
"This was a very difficult decision and was made only after numerous
alternatives for business continuation were identified and exhausted over the
past year, "said David Renker, Chief Operating Officer for Olympus Biotech. He
added, "This decision was a financial one and is not related to the
performance of our OP-1^® family of products. We are proud of OP-1's legacy in
the market and its significant contributions to regenerative medicine and the
quality of life in patients worldwide. In addition, we are grateful to our
employees for the incredible support they have shown our biotech business
throughout its history and thank them for their dedication to the business and
Successfully navigating the highly regulated biotech industry and
commercializing innovative biologics products requires significant investment.
Despite the Company's best efforts and intentions, Olympus Corporation was not
able to gain the traction necessary to build a broader regenerative medicine
portfolio in the United States. More than 200 employees will be impacted by
The company is working closely with customers and regulators to ensure that it
provides product and customer support in both the medical affairs and
commercial arenas as it ceases operations. North American customers who may
have questions are asked to call the customer service line at 1 (866) 476
About Olympus Biotech Corporation
Olympus Biotech was established in December 2010 as a wholly owned company of
Olympus Corporation of the Americas. The vision of Olympus Biotech is to
improve the patient Quality of Life by developing and distributing
Regenerative Medicines that stimulate the intrinsic healing capacity in the
living body by the technological development of growth factors and
Based in Tokyo, Olympus is a global precision technology leader, designing and
delivering innovative solutions in its core business areas:
oMedical and Surgical Products: Gastrointestinal endoscopy, minimally
invasive surgical products, and accessories
oLife Science Imaging Systems: Advanced research, clinical/educational
microscopes, and research/educational digital imaging systems
oIndustrial Measurement and Imaging Instruments: Industrial research,
engineering, test, inspection and measuring instruments
oCameras and Audio Products: Digital cameras and voice recorders
Through this technology, Olympus focuses on enhancing people's lives every day
and helping people enjoy the continuum of life.
Contact: Will Nikosey Michele Mendelson
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SOURCE Olympus Corporation
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